New research conducted by former SEC economists Joshua T. White and Sean Wilkoff has found a link between celebrity endorsement of cryptocurrency projects and the likelihood of them being fraudulent. The study examined the behaviour of 21 celebrities from 2016 to 2018, including Floyd Mayweather, Snoop Dogg, Paris Hilton, and Lionel Messi.

The research also found that celebrity endorsements increase the amount of money raised as well as the likelihood of the token being added to an exchange. The researchers advise both investors and celebrities to better understand the risks that come with cryptocurrencies and to conduct due diligence before endorsing a digital asset.